Context:
Monthly, weekly - Uptrend (UT)
Daily - downtrend (DT)
Micro-structure:
Poor low from yesterday, excess high from Wednesday
Last Day:
Bearish break out from the range w/o much follow through (b-shape profile implies liquidation of longs, w/o new business). Price returned to the previous range.
Conclusion:
Healthy weekly consolidation. Daily DT comes to an exhaustion as bearish breakouts do not get follow through. If value moves into previous trading range it will be a very good signal for buyers. The only remaining problem for them is strong excess (unfilled gap) from Wednesday 2nd. We should also be cognizant of the fact that we have not yet seen any sign of meaningful buying. So sideway movement scenario is a very likely option
Disclaimer
I don't give trading or investing advices, just sharing my thoughts
Monthly, weekly - Uptrend (UT)
Daily - downtrend (DT)
Micro-structure:
Poor low from yesterday, excess high from Wednesday
Last Day:
Bearish break out from the range w/o much follow through (b-shape profile implies liquidation of longs, w/o new business). Price returned to the previous range.
Conclusion:
Healthy weekly consolidation. Daily DT comes to an exhaustion as bearish breakouts do not get follow through. If value moves into previous trading range it will be a very good signal for buyers. The only remaining problem for them is strong excess (unfilled gap) from Wednesday 2nd. We should also be cognizant of the fact that we have not yet seen any sign of meaningful buying. So sideway movement scenario is a very likely option
Disclaimer
I don't give trading or investing advices, just sharing my thoughts
Comment:
Another bearish "big nothing" day. Huge sell-off at the opening, break down from previous day range, zero follow through. Moreover, value returned into previous day range. At this point I would really expect to see buyers coming up and showing some real strength (at least challenge high from the 2nd)
Comment:
yet another nobody's day. market is dominated by day traders. no signs of commitment in any direction. sideway movement within extending range is a likely scenario